News And Articles

Annual Fee
Interest Rate

Late Payments

  • Interest Rate :
  • Annual Fee :


Perhaps you’re having problems with cash flow right now, or perhaps you simply forgot to pay. No matter what the reason, late payments always raise a red flag. Just because your credit card issuer hasn’t called demanding payment doesn’t mean they’re not taking action.

What happens when you make late payments?

1. You get charged a “late payment fee.”

Expect your next bill to include a fee for your missed payment. These fees can add up to thousands of pesos depending on the amount you owe, so be very careful.

2. They may raise your interest rate.

The credit card issuing bank doesn’t just stop at penalizing you with additional charges. They may also increase your interest rate to what they call the “default rate,” which is legally the highest interest rate that a creditor can charge. This  makes it even harder for you to carry a balance. However, if you are disciplined and make payments on time in the next six months or so, you may be given back your pre-penalty rate.

3. Your credit score may drop.

If you fail to make payments for more than 30 days, the bank may send your details to the credit bureau. Remember that your payment history constitutes about 35% of your total credit score, so making late payments significantly affects your standing and your ability to secure new credit cards or credit lines in the future.

As a general rule, short-term failure to make payments (less than 60 days) won’t be too catastrophic for your credit score. However, if you still don’t pay for three months (90 days), you can expect your credit score to plummet.

How to avoid late payments

The best thing to do to prevent your credit score from being affected by missed payment is to make payments on time, of course. If you tend to forget paying, try to arrange an automatic payment system online. This is easy if your credit card issuing bank and your savings / payroll bank is one and the same. You can also remind yourself to pay simply by putting a repeating alarm on your mobile phone several days before the monthly deadline.

Featured Credit Cards:



  • Earn rebates for your card that is up to Php2000!
  • Get a special 1% rebate via cash coupons for all MERALCO residential accounts
  • Relish on an interest rate of just 3%
  • Go for a practical lifestyle as BDO MasterCard Home through EasyPAY Installment programs!
  • Acquire up to 50% Cash Advance Limit!
  • Enjoy a variety of discounts, promos and perks with BDO MasterCard Home!



  • Pay just Php900 for the initial year!
  • Avail of a cash advance fee of 5% or Php300 whichever is higher
  • Have a finance charge of 3.50%
  • Avail of up to 30% Cash Advance of your credit limit!
  • Get rewards points each time you purchase items at SM by the Peso Payback Rewards Program
  • Get up to 5 supplementary cards on your first year!
  • Relish on exciting freebies and discounts through SM Exclusive programs and BDO Delights!
  • Avail of the ongoing installment promos for as low as 0% interest in different electronics ad appliance stores, furniture shops, health and beauty services, restaurants, jewelry shops, travel packages and more.

BDO Shop More MasterCard has wide recognition and acceptance on major establishments throughout the Philippines and plus 20 million locations in 275 territories and countries wherever MasterCard is accepted.

HSBC Mabuhay Miles VISA Classic and Gold Credit Card


<li>Earn miles with everything you buy</li>
<li>Free annual fee for the initial year for both primary and supplementary cards</li>
<li>Get 24/7 Concierge Service anytime anywhere to free you of any credit card concerns</li>



&lt;li&gt;Global Reception. Shop and travel around the world with your EastWest Bank Credit Card and enjoy unlimited control in almost 30 million international establishments all around the world.&lt;/li&gt;
&lt;li&gt;To keep your foreign currency intact, all purchases you have, whether they may be local or international, will be funded in the Philippine peso.&lt;/li&gt;
&lt;li&gt;Enjoy Finance charge of 3.50% per month&lt;/li&gt;
&lt;li&gt;Cash advance of 5% or Php300 whichever is higher&lt;/li&gt;
&lt;li&gt;Avail of the Free Family Accident and Dismemberment Protection&amp;nbsp;&lt;/li&gt;

Featured Articles:


With all the offers you get form credit card companies, you may feel a little overwhelmed about what kind of credit card suits you best. Here, at, have a few tips for you in choosing the appropriate credit card for you before you say the big “yes” to any credit card company or get carried away with solicitations over the phone or via mail.

Find out your basic goals. Ask yourself; Why do I need a credit card? You can’t just go and apply for a credit card just to be “in” with another crowd.

Next, determine how much you are prepared to pay for the annual fees and how much you plan to spend every month. This will help you start selecting a credit card that is within your budget.

Now do the research. Go to online resources (like to find out everything you need. If you have free time, drop by at the banks to inquire personally about all the things you need to find out. These should include the following:

  • The annual fee
  • Required minimum period
  • Finance charges
  • The credit card issuer providing the credit line and its size
  • The extension period (interest free days) before the payment should be made.

Review all the credit cards your have researched. Base your choice of credit card to the one that bests suits your lifestyle and personality. Always remember to choose the credit card that proposes the BEST DEAL for you. For example, don’t go for a credit that offers you free miles if you don’t have any plans of traveling abroad! Get the point?

Now that you know what to do, start looking up your resources and find out the best credit card suited for you.